Cathie Wood's Ark Invest Scoops Up This Crypto-Linked Stock Undeterred By 24% Plunge This Week

Cathie Wood’s Ark Invest is a backer of cryptocurrencies, especially Bitcoin BTC/USD, and crypto-linked stocks. On Friday, the firm lapped up beaten-down shares of cryptocurrency exchange Coinbase Global, Inc. COIN.

Ark Invest, through its Ark Innovation ETF ARKK and Ark Next-Generation Internet ETF ARKW, bought 162,325 Coinbase shares, valued at $9.27 million.

Also Read: EXCLUSIVE: 'We Knew It Would Be A Bumpy Ride,' Why Ark Invest Is Bullish Long Term On Elon Musk And Twitter

The stock shed about 24% this week after the SEC cracked down on crypto staking. Rival exchange Kraken paid $30 million to settle charges brought by the regulator, alleging that the exchange offered unregistered securities through its staking program.

Incidentally, ahead of the development, Coinbase CEO Brian Armstrong acknowledged in a tweet, rumors of a potential staking ban for retail customers in the U.S. and also expressed hopes it does not come to pass.

Notwithstanding the week’s drop, Coinbase shares are still 61% higher for the year-to-date period.

Coinbase closed Friday’s session down 4.26% at $57.09, according to Benzinga Pro data.

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